Canaan, a Chinese crypto mining rig maker, has reported a mining revenue of $10.5 million in the fourth quarter of 2021. This represents an increase of 16.3% from the previous quarter and a staggering 368.2% compared to the same period in 2020. However, the company’s year-on-year revenue took a severe hit, reporting a loss of 82% to $56.8 million. This was due to increasing electricity costs and a decline in digital asset prices, coupled with high mining difficulty in the fourth quarter, which slashed mining profit margins and made it difficult for miners to stay afloat. During the same period, Canaan sold a total computing power of 15.1 million Thash/s, representing a YOY decrease of 32.4% from 22.3 million Thash/s in the previous year. Despite the challenges faced by the company, Canaan remains optimistic about the future of the crypto mining industry and is committed to providing innovative solutions to its customers.
